202
202
Mar 22, 2013
03/13
by
CNBC
tv
eye 202
favorite 0
quote 0
it's an issue for cypress and the eu. i thought that was quite extraordinary given the stance they made earlier in the week about wanting to be involved. i think their bluff has been called certainly. and what i think was really the key, it was not that the russians had anything to help in a meaningful way but i wanted to be included in debates. as we all know the russian interests in cyprus are absolutely enormous. >> steve, thank you. sounds like a big game of chicken. we'll watch how things play out into monday. by the way, it is friday. it's time to talk the friday trade. oil and currencies. kevin kerr is president of kerr trading financial. and brown brothers hair man. mark, have you been surprised? >> i'm surprised just by the euro's resilience. people were thinking there could be a run on european banks which hasn't taken place. a loss of confidence. but it has been trading in fairly tight trading ranges. it has been resilient this week. italy still without a tpo government. >> how do you position yourself? >> mond
it's an issue for cypress and the eu. i thought that was quite extraordinary given the stance they made earlier in the week about wanting to be involved. i think their bluff has been called certainly. and what i think was really the key, it was not that the russians had anything to help in a meaningful way but i wanted to be included in debates. as we all know the russian interests in cyprus are absolutely enormous. >> steve, thank you. sounds like a big game of chicken. we'll watch how...
148
148
Jul 1, 2013
07/13
by
CNBC
tv
eye 148
favorite 0
quote 0
of view that feed into a common eu position. i would hesitate to say, not only does the united states try to make sense of those 28 position, now they feed into something larger, i strongly suspect the europeans are looking at each other saying, okay, if we have an issue on the table. >> of course the europeans don't have to spy on us. we have people leaking all of our secrets, but, p.j., let's talk about how the obama administration handled snowden. the president saying he wouldn't scramble jets over a 29-year-old. it's created problems with russia, it's created problems with china. what your take with the obama administration, how they have done and what they need to do. >> let's dissect that, interestingly enough the chinese moved snowden out of hong kong, expressly because they did not want him to be him the poster child of the u.s.-china relationship. now, putin is stuck with him. has become another face in a political and flexion complex relationship. it's an unfortunate situation. at the end of the day, you don't want to
of view that feed into a common eu position. i would hesitate to say, not only does the united states try to make sense of those 28 position, now they feed into something larger, i strongly suspect the europeans are looking at each other saying, okay, if we have an issue on the table. >> of course the europeans don't have to spy on us. we have people leaking all of our secrets, but, p.j., let's talk about how the obama administration handled snowden. the president saying he wouldn't...
285
285
Nov 26, 2013
11/13
by
CNBC
tv
eye 285
favorite 0
quote 1
changes the way it treats eu citizens online data. and this is what we -- this is google, microsoft, everybody who does business in europe, that goes to the larger issue of how much more challenging it's going be for u.s. businesses to do business abroad because of the politics of the moment and whether other countries are going to say, you know what? we're alnxious that you're -- because you're a u.s. company that your information is going to be somehow blow over. >> cisco tried to say that and then they asked was it material to your results? oh, no, no. >> i don't think it's material yet, but i think it could be a -- assuming this becomes a bigger and bigger story. >> no, no. >> you saw that they -- unless you have an incompetent spy agency, you're doing it, too. and then if you're not doing it, then you just feel incompetent. >> i think the france, uk, i'm not sure germany and doing it the way you might thing. germany wouldn't be doing it? >> i think there's something countries not doing things as aggressive as we are. >> germany i
changes the way it treats eu citizens online data. and this is what we -- this is google, microsoft, everybody who does business in europe, that goes to the larger issue of how much more challenging it's going be for u.s. businesses to do business abroad because of the politics of the moment and whether other countries are going to say, you know what? we're alnxious that you're -- because you're a u.s. company that your information is going to be somehow blow over. >> cisco tried to say...
121
121
May 14, 2013
05/13
by
CNBC
tv
eye 121
favorite 0
quote 0
if it pulls out of the eu. he has threatened he would remove that churchill bust on the white house. >> that's not going to hold -- >> he already did that. i'm sorry. >> when did this all happen? we've been talking about this for a long time. there hasn't been a tipping point. dan loeb who made a small fortune buying up greek bonds. frankly, had he listened to a lot of the conversation over the past year he wouldn't have necessarily done that. >> are you tying this back to your story again, talking about dan loeb? >> dan loeb. >> he broke a big story last night with dan loeb. >> did you mention too big to fail? >> definitely not the movie. he could have a cameo in the new paper back. we're updating that and it will be available on -- no. >> do you feel like you missed some of the move over there recently? >> no. i'll tell you what when i first warned about greece it was january 13th january 13th, 2010. we've never seen that level again. i'm talking much more with investors, insurance companies, money managers b
if it pulls out of the eu. he has threatened he would remove that churchill bust on the white house. >> that's not going to hold -- >> he already did that. i'm sorry. >> when did this all happen? we've been talking about this for a long time. there hasn't been a tipping point. dan loeb who made a small fortune buying up greek bonds. frankly, had he listened to a lot of the conversation over the past year he wouldn't have necessarily done that. >> are you tying this back...
202
202
Feb 8, 2013
02/13
by
CNBC
tv
eye 202
favorite 0
quote 0
there hasn't been a ton of move responding to the eu budget meeting which is reportedly winding up right now. there has been a lot of auction. adding 20% candidate as i can see here. the stoxx 600 is adding about 0.5% all told. take a look at this, bwin.com, there's talks about new jersey governor chris christie opening up online gaming. it leaves the possibility out there for atlantic city casinos to offer games like poker online. so bwin has a join venture with boyd gaming which is licensed in new jersey. and the view among analysts is that other states, potentially federal legislation could follow suit. this is a small step in the direction of perhaps allowing more and more of the u.s. market to gamble online, like you can already with this one. up 19%. watch shares generally speaking in the gaming session today because you can expect there will probably be some similar moves. just the final word, we saw the yen strengthening avenue the yen appeared to talk down some of its easing moves. the yen was still 1% stronger. the nikkei ended the day 12-day winning streak with one of its long
there hasn't been a ton of move responding to the eu budget meeting which is reportedly winding up right now. there has been a lot of auction. adding 20% candidate as i can see here. the stoxx 600 is adding about 0.5% all told. take a look at this, bwin.com, there's talks about new jersey governor chris christie opening up online gaming. it leaves the possibility out there for atlantic city casinos to offer games like poker online. so bwin has a join venture with boyd gaming which is licensed...
211
211
Mar 20, 2013
03/13
by
CNBC
tv
eye 211
favorite 0
quote 0
that was a key part of the eu bailout terms. the finance minister is in moscow today with mounting speculation that russia could step in with a safety plan to safeguard russian deposits in cyprus. steve sedgwick is in moscow where he caught up with the finance minister there an hour or so ago. steve? >> they turned to russians once again. there's a loan on the table from russians dating back from 2011 so it's not the exception to it the rule for the cypriots to turn to the russians. the russians themselves are indignant they weren't brought into talks. let's hear what he had to say earlier on about the state of the current talks. >> first meeting very constructive. very honest discussion. we underscored how difficult the situation is and we'll now continue our discussions to find a solution by which we hope we will get some support from russia. >> in terms of that support, are we talking about a change of terms for the current existing 2.5 billion euro loan and an extension of 5 billion loan in addition to that? >> we are talkin
that was a key part of the eu bailout terms. the finance minister is in moscow today with mounting speculation that russia could step in with a safety plan to safeguard russian deposits in cyprus. steve sedgwick is in moscow where he caught up with the finance minister there an hour or so ago. steve? >> they turned to russians once again. there's a loan on the table from russians dating back from 2011 so it's not the exception to it the rule for the cypriots to turn to the russians. the...
350
350
Apr 12, 2013
04/13
by
CNBC
tv
eye 350
favorite 0
quote 0
the point at which we had a statement out from the cypriot president saying we're going to ask the eu for more assistance. when that snap came out, they said, okay, we want more money. and ask then we got clarification from the cypriot finance minister who said he doesn't want more money, just technical assistance. so what that means as far as european equity res priced right now, you had the four days of gains you've seen in the united states, the ibex along with the xetra dax, ftse mib down 1 .35%. as we wait for the bank earnings, health care, food and telecoms. banks are weakest, down 11 is.65% along with autos, as well. gives you a sense of where the selling pressure is coming from. not particularly heavy. and as far as bond markets are concerned, it has a bit of a stick up in bond produces. and a little bit lower in spain and italy. but the point is, these yields are very, very contained. we had a good, another solid bond auction from italy yesterday. still there, but it doesn't seem to both anybody. >> they said they need some help and everybody realizes the math doesn't add up
the point at which we had a statement out from the cypriot president saying we're going to ask the eu for more assistance. when that snap came out, they said, okay, we want more money. and ask then we got clarification from the cypriot finance minister who said he doesn't want more money, just technical assistance. so what that means as far as european equity res priced right now, you had the four days of gains you've seen in the united states, the ibex along with the xetra dax, ftse mib down 1...
176
176
Jun 13, 2013
06/13
by
CNBC
tv
eye 176
favorite 0
quote 1
of course not, they have to be xravenlt i sort of compare if the eu and u.s. does this, global rec latory stuff on swaps. if we do it. they do i, it's sort of like field of dreams. if you build, he will come. if we in the eu build it, i think the rest of the world will come and we'll have comprehensive harmonized rules that will make us safer into the future. >> bart, i node to you help me explain something about what's going on in washington right now. depending on who you read and what they're saying, there is a suggestion that he was eased out. >> we talked to him yesterday. >> but amanda rittaria is being nominated to take that role. >> i don't know that to be the case. >> what do you know about that? >> i don't know anything. i'm like schultz, i know nothing. foy kwus on -- >> you read the same reports i read? >> yeah, there is conflict reports on a bunch of these things. >> you have to have some sense. >> i'm not the president, i'm not the white house t. president makes these sorts of decision on nomination. once i learned, if you second guess that, are
of course not, they have to be xravenlt i sort of compare if the eu and u.s. does this, global rec latory stuff on swaps. if we do it. they do i, it's sort of like field of dreams. if you build, he will come. if we in the eu build it, i think the rest of the world will come and we'll have comprehensive harmonized rules that will make us safer into the future. >> bart, i node to you help me explain something about what's going on in washington right now. depending on who you read and what...
153
153
Jun 25, 2013
06/13
by
CNBC
tv
eye 153
favorite 0
quote 0
an eu court says google is subject to eu privacy law, but an adviser to the eu highest court says this doesn't mean the company must delete sensitive information from its search index. the case tests whether people can erase harmful content from the web. certainly the latest in that development. >>> all right, let's get to the big story we're following every minute of every single day, and that is the markets. take a look at how the futures look. hey, green arrows for a change! looks like we're going to open -- >> haven't had that happen in about a week. >> implied open 89 points on the down, s&p and nasdaq also looking like it will abe higher open. believe it or not, we've had 12 of the 17 trading days in this month triple-digit moves. so, it's been quite volatile. yesterday down about 250, we rebounded only to sell off further into the close, finishing off more than 100 points. take a look at what happened in europe overnight, as we follow those markets here and we continue to follow them as they trade. there's green arrows across the board in europe as well. in london, france and ge
an eu court says google is subject to eu privacy law, but an adviser to the eu highest court says this doesn't mean the company must delete sensitive information from its search index. the case tests whether people can erase harmful content from the web. certainly the latest in that development. >>> all right, let's get to the big story we're following every minute of every single day, and that is the markets. take a look at how the futures look. hey, green arrows for a change! looks...
169
169
Mar 25, 2013
03/13
by
CNBC
tv
eye 169
favorite 0
quote 0
members or less eu members? >> eu or euro? >> let's go euro members. >> i think oddly there might be a couple more. some of the more hard car or still keen to get into some club. but without any huge confidence i would harbor guess a couple of these guys might. if not they will be very close. >> so no one is going to leave. >> i want to go back to all the money that should be rushing out of the banks. >> you mean in cyprus? >> no. if you're corporate, money in french bank, italian bank, a bank in portugal. do you say, okay, let's rethink what we're doing here? >> you're going to have to. as it happens i personally have a small investment just a year ago in a greek-based online insurance company business. and they have luckily only a sphal part of cash. so they're getting whacked on it. having listened to these guys when i saw them last week they're certainly going to be thinking about these kind of issues. and any corporate with business exposure all around europe is going to be having -- your audit committee wo
members or less eu members? >> eu or euro? >> let's go euro members. >> i think oddly there might be a couple more. some of the more hard car or still keen to get into some club. but without any huge confidence i would harbor guess a couple of these guys might. if not they will be very close. >> so no one is going to leave. >> i want to go back to all the money that should be rushing out of the banks. >> you mean in cyprus? >> no. if you're corporate,...
160
160
Oct 30, 2013
10/13
by
CNBC
tv
eye 160
favorite 0
quote 0
export growth, even on the -- as we are having a recession in our main trading partner, which is the eu. so we think that along with the price competitiveness that we've been gaining, the reforms that we've been seeing, that that export growth and the recovery that we're seeing in europe, that that export growth is going to remain over the next couple of years. now, the important difference between next few years is the difference in consolidation. the more flexible targets that have been given in spain implies that the fiscal effort has come down from around measures that amounted to 4% to 5% of gdp last year to 2% to 2.5% this year to almost 0.5% next year. the fiscal consolidation is weakening given the big effort that has been done over the last couple of years. and that's going to make domestic demand contribute less in the negatively to growth over the next couple of years. >> okay. we'll leave it there. >>> great commentaries for you today. your e-mails about banks, fines and regulations, as well. also, desperate to talk about the average rate of return, small caps versus the s&p
export growth, even on the -- as we are having a recession in our main trading partner, which is the eu. so we think that along with the price competitiveness that we've been gaining, the reforms that we've been seeing, that that export growth and the recovery that we're seeing in europe, that that export growth is going to remain over the next couple of years. now, the important difference between next few years is the difference in consolidation. the more flexible targets that have been given...
210
210
Sep 6, 2013
09/13
by
CNBC
tv
eye 210
favorite 0
quote 0
fact, very interesting, you may be interested to know the european europeans -- it is nice to see the eu speaking with one voice, not as the case may be. i've been speaking to a lot of key people including the president of the world bank as well among others who said, yes, it is clear that chemical weapons have been used but how we go forward from here remains to be seen. >> the other big dispute that seems to have risen from the press ranks is this developed world versus emerging world. the problems that quantitative easing cause and the problems that tapering is causing as well. i had a lot of people who said to me, the emerging world needs to look in the mirror at their own domestic issues and stop blaming tapering and the fear of tapering, which, of course, we may get as soon as the september 17th, 18th meeting. stop blaming them for this capital flight, for this emer emerging market. people have been turning around and saying they need to conduct their own reforms internally. reforms in the way they do business, in the way they run their deficits and then perhaps we can actually mov
fact, very interesting, you may be interested to know the european europeans -- it is nice to see the eu speaking with one voice, not as the case may be. i've been speaking to a lot of key people including the president of the world bank as well among others who said, yes, it is clear that chemical weapons have been used but how we go forward from here remains to be seen. >> the other big dispute that seems to have risen from the press ranks is this developed world versus emerging world....
151
151
Mar 26, 2013
03/13
by
CNBC
tv
eye 151
favorite 0
quote 0
volatility, all the moves ups and downs as you worried whether cyprus was a blueprint for the rest of the eu or not. up 27 points. we had seen 45 points or higher. overseas in asia, you saw the nikkei close by 0.6%. shanghai down 1.25. we have seen green arrows. their gains have really come back down as well. early this morning the cac in france up.75. now it's up only 5 points. ftse and the dax have turned slightly into the red. >> okay. we have a fun story i think for us. one of the original members of the "squawk box" disruptors club made the big league. nick had told his app to yahoo!. reports put the price tag $30 million. it turns news stories into chunks that are readable on small smartphones. >> i'm really excited about joining yahoo!. i think it's one of the classic internet companies, content portals and new leadership under marissa myer. after speaking to their team, they have all of these assets they have had since the '90s. all they need to do is package it up in a beautiful experience. there's a real opportunity there. >> you've got to love that. >> talking the talk, walking th
volatility, all the moves ups and downs as you worried whether cyprus was a blueprint for the rest of the eu or not. up 27 points. we had seen 45 points or higher. overseas in asia, you saw the nikkei close by 0.6%. shanghai down 1.25. we have seen green arrows. their gains have really come back down as well. early this morning the cac in france up.75. now it's up only 5 points. ftse and the dax have turned slightly into the red. >> okay. we have a fun story i think for us. one of the...
157
157
Oct 29, 2013
10/13
by
CNBC
tv
eye 157
favorite 0
quote 0
>> so the eba's aqr didn't apply to switzerland as we're not a member of the eu. we've been highlighting in our outlook statement, in terms of sentiment has been concerns about structural issues and the european economy, the u.s. fiscal situation, but also the european banking system and concerns about capital. so the aqr review is a necessary step in order to help investors get more comfortable with the capitalization of banks. and no doubt we'll see some increases to capital as a result of that review. >> tom, let's talk a little bit about tapering and what that's done to the volatility and the markets and what in turn has meant for business. the third quarter was the period where we had everyone anticipating there was going to be a taper. people have completely changed their minds since then. the expectation is now that they won't taper until march or april of next year. so what has that meant just for volatility in the markets? what's that mean? >> well, if we look at the tapering discussion in the last quarter in the third quarter, it certainly affected our r
>> so the eba's aqr didn't apply to switzerland as we're not a member of the eu. we've been highlighting in our outlook statement, in terms of sentiment has been concerns about structural issues and the european economy, the u.s. fiscal situation, but also the european banking system and concerns about capital. so the aqr review is a necessary step in order to help investors get more comfortable with the capitalization of banks. and no doubt we'll see some increases to capital as a result...
159
159
Jul 17, 2013
07/13
by
CNBC
tv
eye 159
favorite 0
quote 0
and then visa, mastercard, and american express are all moving on an ft report that the eu, an eu proposal, would cap currently lucrative fees collected by credit card companies and to process transactions. and you'll see an across the board weakness then. >> when we return, ray dalio's right hand man david mccormick, he'll be joining us. all leading up to our very special presentation, jack lew. a big morning on "squawk box" live from new york city. i turn ed 65 last week. i turn the math of retirement is different today. money has to last longer. i don't want to pour over pie charts all day. i want to travel, and i want the income to do it. ishares incomes etfs. low cost and diversified. find out why nine out of ten large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus, which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. a talking car. but i'll tell you what impresses me. a talking train. this ge locomotive can tell you
and then visa, mastercard, and american express are all moving on an ft report that the eu, an eu proposal, would cap currently lucrative fees collected by credit card companies and to process transactions. and you'll see an across the board weakness then. >> when we return, ray dalio's right hand man david mccormick, he'll be joining us. all leading up to our very special presentation, jack lew. a big morning on "squawk box" live from new york city. i turn ed 65 last week. i...
200
200
Jun 17, 2013
06/13
by
CNBC
tv
eye 200
favorite 0
quote 0
just going through those briefly, hoping for the start of the formal negotiations between the eu and the united states on some form of trade deal which could be worth as much as $100 billion each, 10 billion pounds to the united kingdom according to cameron. the french might be a bit of a stick in the mud on this one. they want to have an exception on their audio visual industries. they're concerned about french cultural identity, not for the first time. on taxation, this could be interesting. they want to stop evasion and avoidance globally as well. so clearly, if they get some form of concrete deal on that, that could have ramifications for individual corporations. and as far as transparency's concerned, this one is mostly focused on like the african nations, for instance, they want to know who the real owners are, rather than the apparent owners of various industries to stop money crossing borders without the authorities knowing exactly who's in control of it as well. there are concerns, though, that this meeting will have disputes over syria. putin had quite a terse conversation
just going through those briefly, hoping for the start of the formal negotiations between the eu and the united states on some form of trade deal which could be worth as much as $100 billion each, 10 billion pounds to the united kingdom according to cameron. the french might be a bit of a stick in the mud on this one. they want to have an exception on their audio visual industries. they're concerned about french cultural identity, not for the first time. on taxation, this could be interesting....
113
113
Apr 5, 2013
04/13
by
CNBC
tv
eye 113
favorite 0
quote 0
. >> what's the whole point of the eu, right? >> exactly. the eu at this route was a political design to prevent the kind of wars of europe. at the same time, us and china. you can talk about war, but can you imagine it? we're one country in some ways. you hope these geo economic bonds will restrain the worst behavior. but you never know. suddenly the japanese take over some island some of us can't even find on a map in the south china sea, you have no idea what can lead to what. that's why you want to be resilient. >> all right. before you go, you have to answer one question for me honest honestly, when you first heard about cyprus, were you worried -- for me it was like you're kidding. problems at cyprus? so the course is fine. >> there's nobody in the bank there. >> so you admit that. thank you. great to see you, tom. >>> coming up, house majority leader eric cantor on jobs, sequestration and new bills making life work. at the top of the order, the final countdown. jobs friday is here. so is our panel of market pros and experts. zandi, gh
. >> what's the whole point of the eu, right? >> exactly. the eu at this route was a political design to prevent the kind of wars of europe. at the same time, us and china. you can talk about war, but can you imagine it? we're one country in some ways. you hope these geo economic bonds will restrain the worst behavior. but you never know. suddenly the japanese take over some island some of us can't even find on a map in the south china sea, you have no idea what can lead to what....
147
147
Mar 19, 2013
03/13
by
CNBC
tv
eye 147
favorite 0
quote 0
it may not matter for the market's immediate reaction, but i think it still matters for the eu going forward. >> i'm surprised. i have to tell you, i'm surprised. yesterday i felt the reaction was fairly muted given what i thought was a very serious development. i think this is almost as unprecedented action. i think -- even know they're talking about trying to change it. i mean, i think the damage has been done and i think the ramifications of this, you know, could end up -- i mean, i'm not sure we can feel confident that we won't see a deposit play in the end. i think time will tell whether or not this is a more serious development than the market certainly even yesterday. >> when you say deposits, are you talking about deposits from cyprus or spain and england. >> that's exactly right. i'm not sure that we can rule that out. this is something that we've got to be watching very carefully. >> i'm in the camp that actually it's not as important. >> and i would just say also, you know, to be a little more cynical is that negative interest rates are just a different -- and inflation ar
it may not matter for the market's immediate reaction, but i think it still matters for the eu going forward. >> i'm surprised. i have to tell you, i'm surprised. yesterday i felt the reaction was fairly muted given what i thought was a very serious development. i think this is almost as unprecedented action. i think -- even know they're talking about trying to change it. i mean, i think the damage has been done and i think the ramifications of this, you know, could end up -- i mean, i'm...
364
364
Nov 8, 2013
11/13
by
CNBC
tv
eye 364
favorite 0
quote 1
now, we had a volatile eu euro/dollar session, as well. yesterday it was down to 1.3295. we saw that s&p downgrade put more pressure on it this morning. but ahead of the jobs report, we've got back up to 1.3426. but you've got to remember just two weeks ago, we were at a two-year high for euro/dollar at 1.3833. so down to to below 1.33. quite a big move in a short period of time. the volatility in this ross rate in particular set to continue. that's where we stand right now. back to you. >> thank you, ross. appreciate that. we are now going to get back to lincoln center in the middle of new york city where becky is with ron barren this morning. good morning, beck. >> good morning, andrew. joining us this morning is ron barron, the chairman and ceo of barron capital. he's the fund manager of the four star barron growth fund. ron, it is a pleasure to be here this morning. thank you for having us here. >> thank you for inviting me. >> we love coming to this conference. we love checking in with you. and over the last four or five years, i was trying to go back and set the dat
now, we had a volatile eu euro/dollar session, as well. yesterday it was down to 1.3295. we saw that s&p downgrade put more pressure on it this morning. but ahead of the jobs report, we've got back up to 1.3426. but you've got to remember just two weeks ago, we were at a two-year high for euro/dollar at 1.3833. so down to to below 1.33. quite a big move in a short period of time. the volatility in this ross rate in particular set to continue. that's where we stand right now. back to you....
89
89
May 22, 2013
05/13
by
CNBC
tv
eye 89
favorite 0
quote 0
. >>> why don't we talk about an eu summit that's also coming up today. it's going to be the topic of taxes. that's going to be a big topic there. ross westgate is standing by in london right now. ross, good morning. >> hey, becky. good morning to you. decliners out-pacing advancers right now through the european session, but you've got to remember where we are because the record close in the u.s. stocks last night and it meant that the ftse also started the day at the best levels we'd seen since 1999. the xetra dax pretty much on its record levels as well. right now down 0.2%, the cac down 0.3%, same for the xetra dax and the ftse mib. the ftse was only about 150 points away from its all-time high, if you want to know where that is in relation to everything else. looking at the sectors for a breaking down on what's going on, you can see sony weighted to the downside. despite that we have some positive up. i'm not sure i would trust this board because it says no sectors in positive territory. i'm not sure that's actually the case. as far as what we have b
. >>> why don't we talk about an eu summit that's also coming up today. it's going to be the topic of taxes. that's going to be a big topic there. ross westgate is standing by in london right now. ross, good morning. >> hey, becky. good morning to you. decliners out-pacing advancers right now through the european session, but you've got to remember where we are because the record close in the u.s. stocks last night and it meant that the ftse also started the day at the best...
181
181
Jan 31, 2013
01/13
by
CNBC
tv
eye 181
favorite 0
quote 0
and you can see right now, the dollar is stronger against the eu euro. gold prices are down by about 6.30, $1675.30 an ounce. right now, let's get to the global markets report. ross westgate is standing by in london. good morning. we haven't seen you in quite a while. you have a lot of red behind you this morning. >> we have, indeed, becky. i saw andrew more recently than i've seen you over there in davos. yeah, look, we are down. you can see decleaners outpacing the decliners. we're down at the session low. down around .0. the spanish market down 1.5%. that's down to bank stocks. they're all off heavily because of santander. santander is europe's largest lender in the eurozone. stock off 2.3% today. there's 2012 net profit more than halved hurt by big losses in real estate, write-downs and property assets. also key growth spots as latin america down, as well. they're setting aside another 18 billion or 19 billion euros for provisions in 2012. they said they may still sell some more addette az. there's a lot of restructuring going on, as well. the market
and you can see right now, the dollar is stronger against the eu euro. gold prices are down by about 6.30, $1675.30 an ounce. right now, let's get to the global markets report. ross westgate is standing by in london. good morning. we haven't seen you in quite a while. you have a lot of red behind you this morning. >> we have, indeed, becky. i saw andrew more recently than i've seen you over there in davos. yeah, look, we are down. you can see decleaners outpacing the decliners. we're down...
161
161
Mar 11, 2013
03/13
by
CNBC
tv
eye 161
favorite 0
quote 0
it was really 2010, the imf, the eu. we have been on a program of doing two things. one is expenditure cuts. the other is tax raising. the expenditure cuts are two to one in terms of tax. we have about 75%, 80% on us. one of the things that's happening in ireland is because of the down turn in the economy, competitiveness is improving, which helps attract international business. >> what sort of businesses have you been attracting recently? have you lured any large investments in the last year or so? >> yeah. most certainly. predominantly from the u.s., particularly in the technology sector. boston scientific, johnson & johnson. google els, ebays, pay pals. so we have been attracting quite a good feel and definitely held by competitiveness improvements. >> what sort of investments have you attracted, though? are these new factories that people are coming in? is this additional money they have been willing to put in? >> so it's two-fold. if i take an example, we have won about six investments in the pharmaceutical and biofarm suit sal area. eli lily is spending $420 mi
it was really 2010, the imf, the eu. we have been on a program of doing two things. one is expenditure cuts. the other is tax raising. the expenditure cuts are two to one in terms of tax. we have about 75%, 80% on us. one of the things that's happening in ireland is because of the down turn in the economy, competitiveness is improving, which helps attract international business. >> what sort of businesses have you been attracting recently? have you lured any large investments in the last...
177
177
Jan 24, 2013
01/13
by
CNBC
tv
eye 177
favorite 0
quote 0
/eu trade is the one trade agreement that the u.s. has not done. that the europeans desperately need to get done. >> right. so the uk being part of that yes or no i would venture to say our government is going to have a lot to stay about the uk staying part of the eu i think as has been indicated. >> did you catch any of the comments about tax avoidance, sort of global tax avoidance issue? >> no, i did not. i'll stay quiet on that one. >> the other big topic here, energy. >> yes. >> and in particular, the u.s. energy situation, shale, fracking, et cetera, you bullish, you bearish, where do you think we really are? i mean people have prognosticated for now awhile that we were going to get there but doesn't seem like we're there. >> andrew, i think it is the bull case for the world. so to answer your question, i'm billish. and i think it's a game changer. and i think it is probably the story of global economic recovery if handled right. and frankly, the beneficiaries of that will be the u.s. consumer. u.s. jobs. i mean just in the downstream value ad
/eu trade is the one trade agreement that the u.s. has not done. that the europeans desperately need to get done. >> right. so the uk being part of that yes or no i would venture to say our government is going to have a lot to stay about the uk staying part of the eu i think as has been indicated. >> did you catch any of the comments about tax avoidance, sort of global tax avoidance issue? >> no, i did not. i'll stay quiet on that one. >> the other big topic here,...
204
204
Oct 8, 2013
10/13
by
CNBC
tv
eye 204
favorite 0
quote 1
it looks like it has the plan to get state aproflt or eu approval for a state bailout. the ftse is underperforming, mainly because of the retail sector. we had a survey out overnight in the british retail consortium, which wasn't quite as positive as we might have thought. we have had had huge rosters and positive data. maybe suggesting the boost we've seen in consumption recently has been drawn down from savings. and on the back of that negative broker downgrades to the likes of martin & expenser. >> basically underwriting lenders loan from about 75% of the loan to value up 95% for people getting worried the housing market is now getting frothy, as well. as far as debt markets are concerned, you just put treasury yields up there. yields a little higher today. nothing to shout home about. eye at that timan yields, 4.3% is where we stand. you get the sense right now essentially what we've got is something of a buyer's strike rather than anybody else deciding they're going to put any sales into the equity markets. back to you. >> ross, maybe you want to listen because may
it looks like it has the plan to get state aproflt or eu approval for a state bailout. the ftse is underperforming, mainly because of the retail sector. we had a survey out overnight in the british retail consortium, which wasn't quite as positive as we might have thought. we have had had huge rosters and positive data. maybe suggesting the boost we've seen in consumption recently has been drawn down from savings. and on the back of that negative broker downgrades to the likes of martin &...
252
252
Jan 18, 2013
01/13
by
CNBC
tv
eye 252
favorite 0
quote 0
david cameron puts off his big eu policy pictures first. the fed putting out a statement saying there are less than 30 british nationals overnight in those events. in the meantime, a moratorium indicating that the terrorist groups are going to use these kidnappings as a way of furthering their activity and raising funds. they're warning algerians, in fact, to stay away from some of these sights and is we've had guests this morning telling us that they think the market is underappreciating that this is a game changer in activity not just in mali, but across west africa in general. lastly, the aussie/dollar is down, too. there is some risk coming out in this risk off despite stocks doing better. the dollar/yen had punched through 90. it's now below 89. that was above 1 is.25. it's moving back to some of its gains. so some major levels hit in forex today, guys. it's not just about 1500 on the s&p. although to be sure, people around the world will be watching that level, as well. back over to you. >> kelly, are you behind the jap foes because t
david cameron puts off his big eu policy pictures first. the fed putting out a statement saying there are less than 30 british nationals overnight in those events. in the meantime, a moratorium indicating that the terrorist groups are going to use these kidnappings as a way of furthering their activity and raising funds. they're warning algerians, in fact, to stay away from some of these sights and is we've had guests this morning telling us that they think the market is underappreciating that...
170
170
Feb 26, 2013
02/13
by
CNBC
tv
eye 170
favorite 0
quote 0
reforms going, getting some -- doing some of the things necessary to live up to their commitment to the eu. does this throw a wrench into the works? >> i think we should be thinking about it. the somewhat untold story is that -- >> you heard of this guy before this? >> absolutely. >> was he funny. >> he's funny. it would be a little bit like -- >> jackie mason? >> no -- >> seinfeld. >> robin williams or somebody. he was big in the '80s this guy. he also has been a big part of the political satire, all the rest of it. very, very bright guy. but you know, it's almost an a listic party. it's july real just truly a protest vote. to my knowledge it's gotten over 25% of the vote, the latest thing i've seen. monti is the best of the best. i honestly believe that is one of the, you know, on democracies it's easier to give stuff away. >> two years ago he had just started and i asked why are these pictures of monti in a beach chair. and they all said send monti to the beach. that was two years ago. >> yeah, he's only been in there a group -- grillo is moving. five-star movement is only three years o
reforms going, getting some -- doing some of the things necessary to live up to their commitment to the eu. does this throw a wrench into the works? >> i think we should be thinking about it. the somewhat untold story is that -- >> you heard of this guy before this? >> absolutely. >> was he funny. >> he's funny. it would be a little bit like -- >> jackie mason? >> no -- >> seinfeld. >> robin williams or somebody. he was big in the '80s this...
156
156
May 29, 2013
05/13
by
CNBC
tv
eye 156
favorite 0
quote 0
cisco systems is asking an eu court to annul the approval of the purchase of skype saying regulators were wrong in allowing the creation of a monopoly. cisco's challenge follows the european commission's approval of that deal back in 2011. microsoft was not required to make any concessions for buying the internet, video and voice messaging company which cisco argues has given microsoft an unfair advantage. >>> the markets this morning as we mentioned, the futures are considerably weaker. if you've been looking at oil prices, they have come down slightly too. down about 48 cents to 94.53. opec says it will need to pump more oil than previously thought to balance the market in 2015 and expects global consumption to be much higher for this year. the ten-year note, the yield at this point, 2.133%, that yield has dropped slightly from yesterday when it reached the highest level that it's seen since april of 2012. the dollar is weaker this morning. it's down across the board. right now the euro's at 1.2966, gold prices have been slightly weaker. actually, they've turned around. at this poi
cisco systems is asking an eu court to annul the approval of the purchase of skype saying regulators were wrong in allowing the creation of a monopoly. cisco's challenge follows the european commission's approval of that deal back in 2011. microsoft was not required to make any concessions for buying the internet, video and voice messaging company which cisco argues has given microsoft an unfair advantage. >>> the markets this morning as we mentioned, the futures are considerably...
308
308
May 6, 2013
05/13
by
CNBC
tv
eye 308
favorite 0
quote 0
in eu they have given up that tool altogether. >> it's easier to predict interest rates will go up than to predict which will gain versus another one when that happens. >> i guess the big question is when. when these things will run. today happens to be the three-year anniversary of the flash crash. since that time there have been a lot of things that have shaken investor confidence. libor and the rigging scandals. just look through some of the issues of things they have been talking about at the cme. friday i spoke with charlie munger. look to what he said in terms of who was comparing it to. we don't have the sound bite. but at the time he said this is legalized front running. >> i agree. that's why these exist and spend enormous sums on the speed of transmission faster than the other guy. it is not contributing anything to capitalism. whoever gets the information can run faster than anybody else. >> it raeutsd the question whether average investors can get a fair shake on wall street. i don't know that this is a whole lot different than others. my dad looks at the market of a vegas i
in eu they have given up that tool altogether. >> it's easier to predict interest rates will go up than to predict which will gain versus another one when that happens. >> i guess the big question is when. when these things will run. today happens to be the three-year anniversary of the flash crash. since that time there have been a lot of things that have shaken investor confidence. libor and the rigging scandals. just look through some of the issues of things they have been...
121
121
Jun 28, 2013
06/13
by
CNBC
tv
eye 121
favorite 0
quote 0
meanwhile, european leaders finding unemployment at a 7-84 long term for easing the eu bucket. european markets at this hour have been little changed at least. most of these markets, can you see, there are red arrows across the board him as we mentioned, it's the last trading day in june. right now it looks like it will be losing for 2013, pending today's trading session. the s&p and nasdaq have not had a negative month since october and the dow since november, here's where we stand the dow is down by 91 points. is a little more than half a percent. the s&p 500 down 17.5 points just over 1% t. nasdaq is down 54 points for the month. that's just over 1.5%. let's take a look at rim rim, the company out with everyoning, i should say blackberry. research in motion, i know you have been looking through only of this. >> i'm looking at the numbers. there's two numbers they've come out with on the headline, they were expecting a profit of 6 cents per share. on a gap basis the loss is 16%. >> adjusted. >> still a loss of 13 cents unadjusted. you got a loss of 16 or loss of 13 to choose
meanwhile, european leaders finding unemployment at a 7-84 long term for easing the eu bucket. european markets at this hour have been little changed at least. most of these markets, can you see, there are red arrows across the board him as we mentioned, it's the last trading day in june. right now it looks like it will be losing for 2013, pending today's trading session. the s&p and nasdaq have not had a negative month since october and the dow since november, here's where we stand the dow...
180
180
May 2, 2013
05/13
by
CNBC
tv
eye 180
favorite 0
quote 0
and this is more on the back of the pm now saying he wants to put growth at the top of the next eu summit. and there is this thought this if they can get the tax potentially on the politics of austerity in europe, that is going to help out both italy and spain and that's why yields continue to move lower in a low-yield environment. that's where we stand right in and out in europe. back to you guys. >> thank you, ross westgate, we will see you very soon. >>> we're now going to tell but a story royaling wall street and washington. the nyse is investigating stock surges tide to a federal information leak. subpoenas have been issued to firms and individuals w in connection with a leak last no. that case in question deals with a d.c. political intelligence firm which alerted its clients that the government would soon make a decision favoring health insurers who participated in a medicare program. that alert talked to surges carrying several major health concerns. the official government was not made until the next day. joining us to toss about what this means. good morning. >> good morning ins
and this is more on the back of the pm now saying he wants to put growth at the top of the next eu summit. and there is this thought this if they can get the tax potentially on the politics of austerity in europe, that is going to help out both italy and spain and that's why yields continue to move lower in a low-yield environment. that's where we stand right in and out in europe. back to you guys. >> thank you, ross westgate, we will see you very soon. >>> we're now going to...
260
260
Feb 13, 2013
02/13
by
CNBC
tv
eye 260
favorite 0
quote 0
he did lay out things like trade agreement with the eu, natural gas, in terms of balancing the budget, how you do that. probably disagreement how he gets there and talked about manufacturing and immigration. seems like a few ideas some business leaders could get on board. from the business roundtable they liked immigration and natural gas parts. obviously, there's a lot of other stuff in there they didn't lik like. >> personally, i can't believe in 2013 we're still having an immigration discussion. >> yeah. >> i think this whole matter should have been resolved years ago. i still think it should be resolved and resolved quickly. thick this who i think this whole focus protecting the border, et cetera. nobody's coming to the united states anymore. the jobs aren't here. in reference to your comments about the president's speech last night, i think this whole direction of renaissance of manufacturing is wonderful. it's terrific. the only problem is we don't have the talented -- we don't have the bodies. so if i were betting, i would say the more the president encoura encourages domestic
he did lay out things like trade agreement with the eu, natural gas, in terms of balancing the budget, how you do that. probably disagreement how he gets there and talked about manufacturing and immigration. seems like a few ideas some business leaders could get on board. from the business roundtable they liked immigration and natural gas parts. obviously, there's a lot of other stuff in there they didn't lik like. >> personally, i can't believe in 2013 we're still having an immigration...
239
239
May 9, 2013
05/13
by
CNBC
tv
eye 239
favorite 0
quote 0
and that's basic "the wall street journal" has decided that the eu has decided to slap tariffs on chinese solar panels and this comes after a similar move by washington and the solar panel is struggling with oversupply. and the markets, the u.s. market, as well as the european market are really the key major markets for solar panels. the companies that i've been talking to say they're really worried about the outlook for the u.s. market for them as well as for the european market essentially with its latest news. >> eunice, thank you very much. great talking to you and we will talk to you again soon. >>> when we come back, a money manager who says that bonds, stocks, are the investment toes be exploring right now. that is different than we've heard from a lot of investors lately. >>> in news outside the world of business today, prince harry will be arriving in washington to kick off his seven-day tour to the united states. a visit to super storm andy ravaged shores is on the itinera itinerary. [ female announcer ] what if the next big thing, isn't a thing at all? it's lots of things. all
and that's basic "the wall street journal" has decided that the eu has decided to slap tariffs on chinese solar panels and this comes after a similar move by washington and the solar panel is struggling with oversupply. and the markets, the u.s. market, as well as the european market are really the key major markets for solar panels. the companies that i've been talking to say they're really worried about the outlook for the u.s. market for them as well as for the european market...
170
170
Feb 28, 2013
02/13
by
CNBC
tv
eye 170
favorite 0
quote 0
that some kind of special actions, for instance, or giving special job opportunities for -- and the eu commission is already discussing this i think this is something that has to be added, and that, i hope, will also increase the understanding of the population of these countries. >> what do you think about what the bank of japan is doing right now with its policies, really pressuring the yen, that adds pressure, in turn, to the euro, which has pushed higher, versus the yen on these things, the u.s. watches that very closely. what do you think of their policy? >> yes, of course, we do watch it. but i think it's much overblown to speak of the currency war, something like that. what we observe is that the japanese central bank, the japanese government, wants to avoid the deflationary development, which i think makes a lot of sense. so i'm not too much concerned about that. >> so it's not a beggar thy neighbor policy at this point with the central banks around the globe? >> no. if it really leads to higher growth, that is the intention to have, then it's not beggar thy neighbor, then it's
that some kind of special actions, for instance, or giving special job opportunities for -- and the eu commission is already discussing this i think this is something that has to be added, and that, i hope, will also increase the understanding of the population of these countries. >> what do you think about what the bank of japan is doing right now with its policies, really pressuring the yen, that adds pressure, in turn, to the euro, which has pushed higher, versus the yen on these...
301
301
Dec 31, 2013
12/13
by
CNBC
tv
eye 301
favorite 0
quote 0
. >>> latvia becomes the 18th eu nation to adopt the euro tonight at midnight, whatever their midnight is. as its currency, the euro will be latvia's fourth different currency in two decades after the russian rubel. you remember, they were former soviet. >> all right. >>> 2013 was a strong year for real estate. mortgage rates stayed low. the housing recovery in full swing. diana olick joins us with her predictions. first of all, let's check the score card to see how she did in 2013. she predicted home prices will continue to rise about 5% to 7%. we will say she got this half right as prices rose, but it was more than 12%. next, she predicted that apartment rents would stay elevated and vacancies low despite the improvement in the housing market. she got that right. and renter nation is in full swing as younger americans can't get the credit or don't have the desire to buy homes. finally, she predicted that as home prices continue to rise, more borrowers will come out from underwater. also as home prices rose. renovations took a big leap in 2013. >> i want to go to equity land. is it ne
. >>> latvia becomes the 18th eu nation to adopt the euro tonight at midnight, whatever their midnight is. as its currency, the euro will be latvia's fourth different currency in two decades after the russian rubel. you remember, they were former soviet. >> all right. >>> 2013 was a strong year for real estate. mortgage rates stayed low. the housing recovery in full swing. diana olick joins us with her predictions. first of all, let's check the score card to see how she...
200
200
Jan 23, 2013
01/13
by
CNBC
tv
eye 200
favorite 0
quote 0
you go buy the 10 eu-year, rate finally move and lose your entire balance sheet. >> it's like cold weather. i was happy today with 10 degrees. i want this to be the coldest year, so the same -- the day after the speech it's all about climate change, i want it to be the coldest year in the last 50. >>> love these guys, csx. they gave guidance in december and in january and replied to us. >>> coming up, tennessee governor and member of the fix the debt campaign. [ male announcer ] you are a business pro. executor of efficiency. you can spot an amateur from a mile away... while going shoeless and metal-free in seconds. and you...rent from national. because only national lets you choose any car in the aisle...and go. you can even take a full-size or above, and still pay the mid-size price. now this...will work. [ male announcer ] just like you, business pro. just like you. go national. go like a pro. >>> one of the biggest points of contention in the ongoing government battle is entitlement reform. you see the stuff we talk about and see the demagoguing on both sides. the democrats saying repu
you go buy the 10 eu-year, rate finally move and lose your entire balance sheet. >> it's like cold weather. i was happy today with 10 degrees. i want this to be the coldest year, so the same -- the day after the speech it's all about climate change, i want it to be the coldest year in the last 50. >>> love these guys, csx. they gave guidance in december and in january and replied to us. >>> coming up, tennessee governor and member of the fix the debt campaign. [ male...
230
230
Feb 15, 2013
02/13
by
CNBC
tv
eye 230
favorite 0
quote 0
. >> we have scotland and then we will have the eu probably about 16 or 17 after the next -- >> i've invited you to be the 51st state over here. >> that's all you will be over here. >> you try to tax us without representation, we'll try to -- >> it's a good number. >> martin b what do you think about the referendum? >> i got myself into trouble by saying that it increases uncertainty. it's what i called the fifth grace one and so there's more uncertainty now. from a political point of view, there's -- >> because of the referendum? right. the prime minister made the right decision. the uk sort of right wing party, it liked the tea party, i guess, in some respects has gained 16% of the vote according to the polls. take more from the trres or from labor. so i think the prime minister was concerned about that. having a referendum laid it out. we did some polling, online polling after the speech. they thought the referendum was right. content of the speech was good, they would vote for the coming out of. there's a lot of work to be done until we get to the referendum what does it mean tor
. >> we have scotland and then we will have the eu probably about 16 or 17 after the next -- >> i've invited you to be the 51st state over here. >> that's all you will be over here. >> you try to tax us without representation, we'll try to -- >> it's a good number. >> martin b what do you think about the referendum? >> i got myself into trouble by saying that it increases uncertainty. it's what i called the fifth grace one and so there's more...
161
161
May 8, 2013
05/13
by
CNBC
tv
eye 161
favorite 0
quote 0
it's also boosted the eu euro/dollar. we are following on this liquidity. we're following on coattails as we say. >> pay attention. we'll find out from the next guy some important stuff about whether there's a lot left here and when you would maybe expect a correction. we'll define correction and everything else. another record breaking day on wall street. above 15,000. joining us now to talk more about the milestone is chief investment strategist at raymond james. the first question to ask and you give good reasons, the question is because a lot of this is liquidity based from the fed, that doesn't necessarily mean it's not justified. that liquidity can eventually cause the economy to do better, cause corporate profits to go higher. i'm not ready to write it off just because it's the fed that it's not justified. is it about half and half? half of liquidity and half that seeps into making things better? >> i think that's well said. i think the real estate recovery, housing recovery is for real. it's not just the fed. the fed brought out the double barreled
it's also boosted the eu euro/dollar. we are following on this liquidity. we're following on coattails as we say. >> pay attention. we'll find out from the next guy some important stuff about whether there's a lot left here and when you would maybe expect a correction. we'll define correction and everything else. another record breaking day on wall street. above 15,000. joining us now to talk more about the milestone is chief investment strategist at raymond james. the first question to...
159
159
Aug 19, 2013
08/13
by
CNBC
tv
eye 159
favorite 0
quote 0
last week, we saw the strongest inflows into eu equity funds since 2008. now it's pulling us down today is definitely basic resources. the biggest decliner sectorwise. this is on lower metal prices. a little profit-taking but there's also this glencore story. let me show you shares in the combined mining company. they're on the bottom of the ftse 100 here in the uk, off by 1.4%. this is on press reports over the weekend indicating glencore will be writing down $7 billion in assets tied to its xstrata assets mainly in nickel and copper. >>> finally the bond markets. i know you guys are watching the ten-year treasury yield inching ever so close to the 3% level. currently 2.86%. 69% rather. but the current yield at 2.74%. and the german yields for the ten-year at a 17-month high. guys, back over to you. >> very good carolyn. thank you. we appreciate it. >>> now dick cohey is joining us. for the last two weeks, i don't know, there has not been a voice of reason around or something. i'm not sure what has happened. >> supposedly he goes on vacation and the marke
last week, we saw the strongest inflows into eu equity funds since 2008. now it's pulling us down today is definitely basic resources. the biggest decliner sectorwise. this is on lower metal prices. a little profit-taking but there's also this glencore story. let me show you shares in the combined mining company. they're on the bottom of the ftse 100 here in the uk, off by 1.4%. this is on press reports over the weekend indicating glencore will be writing down $7 billion in assets tied to its...
221
221
Nov 12, 2013
11/13
by
CNBC
tv
eye 221
favorite 0
quote 0
they are able to trade without tariffs, with the eu, with certainly the u.s. and canada. they have got an agreement with brazil. so, they are really at a crossroads of being able to build vehicles and export them pretty readily you pretty quickly. >> who are the leading exporters of automobile us in this country? nissan leads the way, almost 700,000 vehicles will be built here, 90% of them exported followed by vw hand general motors and why are we here at this opening? because we are going to have a chance to talk with ceo carlos go on "squawk on the street," a little after 10:30. you down the want to miss this interview, talking to him not only about the growth here in mexico but les about some interesting teases for a potential new product similar to google glass that nissan may be be showing at the tokyo auto show. that is on "squawk on the street." >> phil, thank you. i guess a lot of this has to do with the new administration in mexico, too, which seems to be very open to any sort of trade and getting foreign investments to come to the country, too. >> direct foreign
they are able to trade without tariffs, with the eu, with certainly the u.s. and canada. they have got an agreement with brazil. so, they are really at a crossroads of being able to build vehicles and export them pretty readily you pretty quickly. >> who are the leading exporters of automobile us in this country? nissan leads the way, almost 700,000 vehicles will be built here, 90% of them exported followed by vw hand general motors and why are we here at this opening? because we are...